James Turk – Quiet Gold Market Masks Important Development
March 29, 2012
With gold and silver rallying strongly off the lows, today King World News interviewed James Turk out of London. Turk told King World News the quiet gold and silver markets are hiding some important developments. Here is what Turk had to say about the situation: “The precious metal markets have been unbelievably quiet for the past two weeks, Eric. It is something that you might expect in August during the middle of summer holidays, but not here in March — particularly with a quarter-end approaching.”
James Turk continues:
“But this quiet we are seeing masks an important development. Almost every day for the past couple of weeks gold and silver have tested critical support, which is $1650 for gold and $32 for silver. And every time the precious metals dipped below these price levels, they bounced back. One can only conclude that support at these levels is solid.
Last Friday’s close above critical support levels was particularly important. The day traders and scalpers — which are active traders in the paper markets — rarely carry positions over the weekend….